ACE Limited has reported its financial results for the quarter ended 30 September 2012, including net income of $640m compared to a loss of $39m in the corresponding period last year.
The firm reported net income per share of $1.86, a significant improvement on the net loss per share of $0.11 suffered last year.
The third quarter net income is also substantially better than the second quarter, when the firm made $328m.
In the nine months ended 30 September 2012, ACE Limited reported net income of $1,941, equating to $5.67 per share.
This is more than twice the net income of $805m (or $2.36 per share) the firm achieved during the first nine months of the preceding year.
Chairman and Chief Executive Officer Evan G. Greenberg hailed the third quarter as excellent with strong earnings and outstanding growth in book value.